GEM Loans / Pacific American Mortgage (PAMCO) - Wholesale Alt-A


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GEM Capital Funding

Golden Empire Mortgage's Gem Capital Funding, like Pacific American Mortgage below, which is another GEM subsidiary, also ceased operations in mid-August. They have the following announcement posted on their website (

August 16, 2007

Due to the unprecedented volatility and lack of liquidity in the secondary market, GEM Capital Funding is regrettably closing their offices effective Saturday, August 18. We are saddened by this extremely difficult decision and sorry for the inconveniences we know this will create. All unclosed files will be returned. We thank you for your business and we hope that future opportunities will allow our paths to cross again. ...

Pacific American Mortgage (PAMCO)

We have received word from numerous informants that Pacific American Mortgage (PAMCO) ( has ceased accepting submissions. Per the PAMCO website:

It is with great sadness that we must announce that Golden Empire Mortgage, Inc. has halted its wholesale lending operations. PAMCO is no longer accepting new loan submissions or locks. If you have a loan in process or have a questions about your current loan submission, please contact your Account Executive for status and assistance or call our office at 916-789-1110 We've appreciated the opportunity to serve you.

One informant described their operations at peak thusly:

... in 2006 ... at the height [they] did about 70 to 80 million in alt-a business in the Sacramento market area. In the last few months I heard that funding were only at 8 or 9 million

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.